Morgan Stanley analyst Seyon Park maintained a Buy rating on Coupang yesterday and set a price target of $35.00.
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Seyon Park has given his Buy rating due to a combination of factors that outweigh the recent cybersecurity incident at Coupang. Despite the breach affecting millions of users, Park believes that the company’s fundamentals remain strong and that the market has overreacted to the news.
Park points out that Coupang’s growth trajectory and market position in South Korea’s e-commerce sector provide a solid foundation for future performance. Additionally, the potential for customer compensation and fines is seen as manageable within the company’s financial framework, and the breach’s impact on the stock price is viewed as a temporary setback rather than a long-term issue.
In another report released today, Bank of America Securities also reiterated a Buy rating on the stock with a $38.00 price target.
Based on the recent corporate insider activity of 42 insiders, corporate insider sentiment is negative on the stock. This means that over the past quarter there has been an increase of insiders selling their shares of CPNG in relation to earlier this year.